Cairo – Mubasher: Egyptian Satellites Company posted on Thursday a fall of 36.7% in its profits for the fourth quarter of the fiscal year 2016 to $14.82 million from $23.43 million for Q4-15.
Profits for the fiscal year 2016 declined 19.9% to $73.32 million, compared to $91.53 million for fiscal 2015, according to a bourse statement.
Revenues for 2016 amounted to $171.47 million, 9.13% down from 188.71 million for 2015.
FX losses reached $6.5 million due to the floatation of the Egyptian Pound.
